Russia has set a record for the number of billionaires despite the war
The economic downturn in civilian sectors and the population’s shift to austerity measures did not prevent Russian oligarchs from significantly increasing their wealth.
By the end of 2025, the Russian Federation had set a new record for the number of dollar billionaires, whose combined wealth reached sky-high levels.
According to updated data from the Forbes ranking, the list of Russia’s wealthiest individuals has grown by 9 new names and now includes 155 people.
Their combined wealth is estimated at $696.5 billion. Compared to pre-war 2021, the number of billionaires in Russia has increased by 22, and over the past twenty years—more than fivefold.
Currently, Russia’s wealthiest citizens hold assets worth 52.2 trillion rubles, which accounts for approximately 24% of the total size of the Russian economy.
The combined wealth of this small group of individuals has effectively matched the reserves of the Central Bank of the Russian Federation ($770 billion) and exceeded the country’s federal budget by a quarter.
Eighty-five billionaires managed to increase their wealth over the past year. Topping the list is Severstal owner Alexey Mordashov, whose fortune grew by $8.4 billion, reaching $37 billion.
Thus, he became the first Russian businessman in history to surpass the $30 billion threshold in assets.
Second place went to Norilsk Nickel owner Vladimir Potanin, who added $5.5 billion to his fortune, bringing his net worth to $29.7 billion. Vagit Alekperov took third place with $29.5 billion.
Interestingly, his company, Lukoil, ended the year in the red for the first time in 30 years due to sanctions, yet this did not prevent the owner himself from increasing his personal wealth.
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